OVERLAND PARK, KS-DBSI-Discovery Real Estate Services, an investment firm, has purchased two multi-tenant office buildings for almost 235,000 sf. The Highlands property, at 10740 Nail Ave., was built in 1999 and is 112,678 sf. The Southcreek III property, at 12900 Foster St., was constructed in 1998 and is 121,800 sf. The company bought the properties from Minneapolis-based Opus Corp.

Brian Olsen, vice president of operations with DBSI-Discovery, said the company seeks new stabilized income properties in growing markets. “The Overland Park market fits that criteria, demonstrating good demographics and growth. It’s near Kansas City and has favorable income trends,” he tells GlobeSt.com.

He says the Highlands property is 86% occupied, with tenants including Verizon and Massachusetts Mutual Life. The Southcreek III property is 77% occupied, with tenants including Accredo Health Group and Gentiva Health Services, Olsen says.

He would not reveal the purchase price or the lease rates of the properties. According to a CB Richard Ellis market report, the average lease rate in the Kansas City, KS area is $11.38 per sf, but has a 91.6% occupancy rate. The company represented Opus in the deal.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.